EX-12 3 a2130695zex-12.htm EX-12
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Exhibit 12


Computation of Ratio of Earnings to Fixed Charges
(in thousands)

 
   Year Ended December 31,
  
 
   2003
   2002
   2001
   2000
   1999
  
Earnings:                                
Income (loss) before provision for income taxes, equity in loss of unconsolidated affiliates and cumulative effect of change in accounting principle   $ 59,637   $ (27,228 ) $ (301,176 ) $ (174,664 ) $ (112,736 )
Less: Minority interest     (347 )   (446 )   (132 )   (72 )   (291 )
Less: Equity Investment     (2,678 )   (3,225 )   —     —     —  
   
 
 
 
 
 
Total Earnings     62,662     (23,557 )   (301,044 )   (174,592 )   (112,445 )

Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense     60,733     68,303     100,700     132,137     79,629  
Estimated interest component of rent expense     5,877     5,937     6,741     5,970     3,165  
   
 
 
 
 
 

Total Fixed Charges
 
$
66,610
 
$
74,240
 
$
107,441
 
$
138,107
 
$
82,794
 

Ratio of earnings to fixed charges
 
 
1.94
 
 
0.68
 
 
(1.80
)
 
(0.26
)
 
(0.36
)
Shortage     NA     23,557     301,044     174,592     112,445  

Ratio of earnings to fixed charges (1)
 
 
1.94
 
 
<0
 
 
<0
 
 
<0
 
 
<0
 
(1)
The ratio of earnings to fixed charges is computed by dividing the sum of pre-tax income from continuing operations (before adjustment for minority interests in consolidated subsidiaries and loss from equity investees) plus fixed charges, by fixed charges. Fixed charges consist of interest charges, whether expensed or capitalized, and that portion of rental expense we believe to be representative of interest.


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Computation of Ratio of Earnings to Fixed Charges (in thousands)